New  Series— No.  5. 


The  University  Bulletins 


SUPPLEMENT 

TO  THE 


University  of  Pennsylvania 

CATALOGUE 


©ctilftjgs 


Courses  in  Finance  and  Economy 


Circular 


c 


Founded  1740 


PHILADELPHIA 
PUBLISHED  BY  THE  UNIVERSITY 
FEBRUARY.  1901 
Bi-Monthly 


Entered  at  the  Philadelphia,  Pa.,  Post-Office  as  Second  Class  Matter. 


GENERAL  INFORMATION 


LOCATION 

The  buildings  of  the  University  of  Pennsylvania,  twenty-nine  in  number, 
are  situated  in  Philadelphia,  on  property  covering  an  area  of  over  fifty-five 
acres. 

DEPARTMENTS 

The  University  comprehends  the  following  departments  : 

*The  College,  including 

(In  the  School  of  Arts),  Courses  in  Arts  and  Science  :  Finance 
and  Economy  :  Commerce  and  Industry  :  Biology  :  Music. 

(In  the  Towne  Scientific  School),  Courses  in  Architecture  : 
Science  and  Technology  :  Mechanical  and  Electrical  Engineering  : 
Civil  Engineering  :  Chemistry  :  Chemical  Engineering. 

(The  Courses  for  Teachers.) 

*Department  of  Philosophy  (Graduate  School). 

^Department  of  Law. 

^Department  of  Medicine. 

University  Hospital. 

Wistar  Institute  of  Anatomy  and  Biology. 

Laboratory  of  Hygiene. 

*Department  of  Dentistry. 

*Department  of  Veterinary  Medicine. 

Veterinary  Hospital. 

University  Library. 

Department  of  Archaeology  and  Paleontology. 

Flower  Astronomical  Observatory. 

Department  of  Physical  Education. 

APPLICATIONS  FOR  CATALOGUES,  Etc. 

Applications  for  copies  of  the  annual  University  Catalogue  (published  in 
December)  should  be  addressed  to  the  Assistant  Secretary,  University  of 
Pennsylvania,  Philadelphia,  Pa.  The  Catalogue  is  sold  at  twenty -five  cents  a 
copy  [paper  cover),  or  at  thirty  five  cents  if  sent  by  mail. 

Special  Circulars  of  Information,  relating  either  to  the  separate  Depart¬ 
ments  of  the  University,  or  to  the  various  courses  (liberal  and  scientific) 
offered  in  the  College  proper,  will  be  mailed  free  to  anyone  upon  receipt  of 
name  and  address. 


*  Department  of  Instruction,  with  a  Dean  and  Faculty. 


The  Courses  in  Finance  and  Economy  • 

(THE  WHARTON  SCHOOL) 

OFFICERS 

Charles  C.  Harrison,  LL.  D.,  Provost. 

Edgar  F.  Smith,  Ph.  D.,  Sc.  D.,  Vice- Provost. 

Josiah  H.  Penniman,  Ph.  D.,  Dean  of  the  College. 


Rev.  George  S.  Fullerton,  Ph.  D.,  Philosophy. 

Simon  N.  Patten,  Ph.  D.,  Political  Economy. 

Joseph  French  Johnson,  A.  B Journalism. 

John  Bach  McMaster,  A.  M.,  Litt.  D.,  American  History. 
Edward  P.  Cheyney,  A.  M.,  European  History. 

Emory  R.  Johnson,  Ph.  D.,  Transportation. 

Samuel  M.  Lindsay,  Ph.  D.,  Sociology. 

Leo  S.  Rowe,  Ph.  D.,  Political  Science. 

Henry  R.  Seager,  Ph.  D.,  Political  Economy. 

James  T.  Young,  Ph.  D.,  Administration. 

Albert  S.  Bolles,  LL.  D.,  Banking. 

William  E.  Lingelbach,  A.  B.,  European  History. 

William  H.  Allen,  Ph.  D.,  Public  Law. 

Frederick  A.  Cleveland,  Ph.  D.,  Practical  Finance. 
Edward  S.  Meade,  Ph.  D.,  Industry  and  Banking. 

Thomas  R.  White,  B.  L.,  LL.  B.,  Business  Law. 

William  E.  Mikell,  Common  Law. 

Edgar  S.  Shumway,  A.  M.,  Ph.  D.,  Roman  Law. 


The  Wharton  School  of  Finance  and  Economy  was  founded  in  1881  by  Origin  of 
Joseph  Wharton,  Esq. ,  of  Philadelphia,  as  one  of  the  departments  in  the  ^on  School 
College  of  the  University  of  Pennsylvania.  The  founder  of  the  School 
expressed  the  desire  that  it  should  offer  facilities  for  obtaining  : 

(1)  “An  adequate  education  in  the  principles  underlying  successful  civil 
government.”' 

(2)  “A  training  suitable  for  those  who  intend  to  engage  in  business  and 
to  undertake  the  management  of  property.  ’  ’ 

Begun  as  a  two-year  course  for  Juniors  and  Seniors,  the  curriculum  has  been 
expanded  until  it  now  embraces  the  following  courses  : 

(3) 


4 


COURSES  IN  FINANCE  AND  ECONOMY. 


Courses  in 

Finance 

and 

Economy 


Tiie  Pur¬ 
pose  of  the 
Course 


The  Scope 
of  the 
Course 


Economics 


(a)  The  four-year  course  in  Finance  and  Economy  leading  to  the  degree 
of  Bachelor  of  Science  in  Economics,*  described  elsewhere  in  this  circular. 

(3)  The  four-year  course  in  Commerce  and  Industry,  described  in  Cir¬ 
cular  P. 

(c)  The  two-year  course  in  Social  Work,  described  in  Circular  M. 

(d)  The  two-year  course  in  Business  Practice  and  Banking,  described  in 
Circular  O. 

Students  who  find  it  impracticable  to  take  a  regular  course  may  be  admitted 
to  a  partial  course,  upon  presenting  satisfactory  evidence  of  fitness  for  the 
studies  they  wish  to  pursue. 

The  basis  of  the  four-year  course  in  Finance  and  Economy  is  the  study  of 
the  social  sciences.  About  these  are  grouped  modern  languages,  philosophy, 
commerce,  banking,  journalism  and  kindred  topics.  It  is  believed  that  the 
growth  of  the  political  and  social  sciences  in  recent  years  furnishes  a  fund  of 
knowledge  suitable  for  collegiate  instruction.  The  purpose  of  the  course  is  to 
present  this  knowledge  in  such  a  way  as  to  afford  students  the  intellectual 
discipline  of  a  college  education,  while  at  the  same  time  to  make  of  them 
broad-minded  and  practical  men  of  affairs,  equipped  with  an  understanding 
of  the  complex  problems  of  modern  life,  and  imbued  with  the  spirit  of  good 
citizenship.  Its  studies  and  methods  are  designed  to  be  of  assistance  to  those 
who  intend  to  enter  the  higher  walks  of  business,  whether  manufacturing, 
mercantile  trade,  commerce,  transportation  or  banking,  and  also  to  those  who 
look  forward  to  careers  in  journalism,  in  law,  in  the  civil  or  consular  service, 
or  to  work  in  connection  with  organized  charities. 

A  brief  survey  of  the  field  covered  by  the  course  will  serve  to  make  its 
nature  clearer.  Man’s  welfare  depends  in  high  degree  upon  the  natural 
advantages  of  different  portions  of  the  earth’s  surface.  Courses  in  physical 
and  commercial  geography,  in  industrial  history  and  in  the  development  of 
civilization,  extending  through  the  whole  four  years  of  study,  tend  to  empha¬ 
size  the  extent  of  this  dependence.  Man  has  at  no  time  been  the  passive  slave 
of  his  surroundings.  His  activities  in  shaping  natural  conditions  to  suit  his 
purposes  receive  attention  in  the  courses  in  political  economy,  commerce  and 
transportation,  which  also  extend  over  the  whole  four  years  of  instruction.  In 
addition  to  the  conditions  of  individual  and  national  welfare,  the  relation 
between  man  and  goods,  the  circumstances  determining  value  and  price,  the 
vexed  questions  of  the  distribution  of  wealth  between  labor  and  capital,  the 
standard  of  value  and  the  medium  of  exchange,  the  causes  of  panics  and 
depressions,  etc.,  receive  attention  in  these  courses. 


*  This  course  is  so  arranged  as  to  include  four  years’  work  in  Journalism  for  those  who 
elect  this  subject. 


COURSES  IN  FINANCE  AND  ECONOMY. 


5 


In  his  efforts  to  master  nature,  man  early  entered  into  political  and  social  Politics 
union  with  his  fellows,  and  the  resulting  types  of  organization  furnish  the  Sociology 
material  for  the  political,  legal  and  sociological  courses  included  in  the 
curriculum.  American  and  European  constitutions  are  studied  in  the  Fresh¬ 
man  year.  In  subsequent  years,  such  topics  as  legislative  procedure,  business 
law,  modern  legislative  problems,  practical  politics,  public  administration  and 
colonial  government  receive  special  attention.  The  study  of  sociology  is 
begun  in  the  Junior  year,  and  includes,  in  addition  to  the  principles  of  soci- 
ology,  an  account  of  the  origin  and  development  of  different  types  of  society, 
an  analysis  of  race  traits  and  a  survey  of  race  distribution,  a  description  and 
criticism  of  modem  charitable  and  penal  institutions,  and  a  review  of  social 
reforms  and  reformers  in  the  nineteenth  century. 

An  important  element  in  the  course,  also  extending  over  the  whole  four  History 
years  of  study,  is  the  work  in  history.  Especial  attention  is  given  to  the 
history  of  the  United  States  and  of  England.  Those  epochs  in  general  Euro 
pean  history  which  have  had  the  greatest  influence  in  shaping  the  course  of 
civilization  are  dealt  with,  and  an  effort  is  made  to  engender  in  the  minds  of 
students  the  historical  spirit  so  important  to  the  wise  solution  of  the  social 
questions  of  our  own  day. 

The  study  of  practical  finance,  including  accounting,  business  practice,  Practical 
credit  and  money,  banking  and  corporation  finance  is  also  begun  in  the  Fresh-  ^inance 
man  year.  The  effort  in  the  treatment  of  these  topics  is  to  familiarize  the 
student,  not  merely  with  the  theoretical  principles  necessary  to  their  compre¬ 
hension,  but  also  with  the  actual  operations  of  business  life.  While  it  is 
recognized  that  no  amount  of  text-book  or  lecture  instruction  can  take  the 
place  of  experience  in  the  office,  exchange  or  bank,  it  is  yet  believed  that 
typical  business  operations  may  be  made  intelligible  to  college  classes,  and  that 
a  student’s  mastery  of  the  concrete  details  of  the  business  in  which  he  may 
happen  to  engage  after  graduation  may  be  greatly  facilitated  by  this  portion 
of  the  course. 

The  work  in  philosophy,  literature,  mathematics,  and  languages  which 
forms  a  component  part  of  the  curriculum  is  sufficiently  indicated  in  the  out¬ 
line  of  courses  given  elsewhere. 

With  direct  reference  to  practical  careers  other  than  business,  instruction  is  journal- 
given  in  journalism,  and  in  the  elements  of  law.  The  course  in  journalism  *sm 
begins  in  the  Freshman  year  with  newspaper  practice,  including  exercises  in 
reporting,  in  condensation,  in  the  editing  of  copy  and  in  proof-reading.  The 
same  work  is  continued  in  the  Sophomore  year,  when  it  is  supplemented  by 
lectures  and  reports  prepared  by  the  students  themselves  on  current  topics. 

In  the  Junior  and  Senior  years  more  advanced  work  along  the  same  lines  is 
required,  including  editorial  writing  and  the  application  of  the  knowledge 


6 


COURSES  IN  FINANCE  AND  ECONOMY. 


Law 


Methods  of 
Instruc¬ 
tion 


InitionFee 


acquired  to  practical  work  for  the  college  and  city  papers.  In  addition, 
courses  of  lectures  are  given  on  the  art  and  history  of  newspaper  making  and 
newspaper  law. 

The  course  in  elementary  law  covers  four  hours  a  week  in  the  Junior  and 
Senior  years.  In  the  former,  common  law  and  elementary  Roman  law  are 
studied  by  the  aid  of  text-books  and  lectures.  This  leads  in  the  Senior  year 
to  courses  on  the  history  of  legal  institutions  and  on  the  interpretation  of  the 
United  States  Constitution  by  the  Federal  Courts.  Though  designed  pri¬ 
marily  to  prepare  men  to  take  a  regular  course  in  law,  it  is  believed  that 
these  studies  will  be  valuable  to  all  classes  of  students. 

The  plan  of  instruction  embraces  recitations,  lectures  and  the  preparation 
of  papers.  An  earnest  effort  is  made  to  train  the  students  to  think  independ¬ 
ently,  and  to  exclude  all  dogmatism  in  political  and  economic  teaching. 

Original  research  by  the  students,  under  the  direction  of  the  instructors,  is 
a  part  of  the  work  of  the  school,  and  is  encouraged  by  the  offer  of  the  Willis 
Terry  prize  of  $120  to  the  member  of  the  Senior  class  preparing  the  best 
essay  on  a  given  topic  each  year.*  The  results  of  some  of  these  investiga¬ 
tions  have  been  published  as  follows  : 

“The  Recent  Development  of  American  Industries,”  by  the  Class  of  ’91, 
pp.  in. 

“  The  City  Government  of  Philadelphia,”  by  the  Class  of  ’93,  pp.  278. 

“  Railway  Co-operation,”  by  Charles  S.  Langstroth  and  Wilson  Stilz  of  the 
Class  of  ’98,  pp.  220. 

The  tuition  fee  is  one  hundred  and  fifty  (150.00)  dollars  per  annum. 


FOUR -YEAR  COURSE  IN.  FINANCE  AND  ECONOMY 
Freshman  Year. 


Hrs. 

English  Composition  .......  2 

English  Language . 1 

German  or  French . 3 

Mathematics  or . 2 

Practical  Economic  Problems  .  2 


Hrs. 

American  History  ,  . . 2 

Accounting . 3 

Physical  and  Economic  Geography,  2 

Constitutional  Law . 2 

Journalism  f . 1 


Sophomore  Year. 


Hrs. 


English  Literature . 2 

German  or  French .  3 

European  History  .......  3 

Practical  Finance  and  Foreign  Ex¬ 
change  . 2 

Business  Law . 1 


Hrs. 

Theory  and  Geography  of  Com¬ 


merce  .  .2 

Political  Economy . 2 

Legislative  Procedure  ....  1 

Journalism  J . 2 

Public  Speaking  (optional)  .  .  .  1 


*This  prize  was  established  through  the  generosity  of  Henry  C.  Terry,  Esq.,  of  Philadel¬ 
phia,  in  memory  of  his  son,  Willis,  a  member  of  the  Class  of  1896. 

f  For  students  in  Journalism  who  omit  Accounting  in  the  second  term. 

I  For  students  in  Journalism  who  omit  Theory  and  Geography  of  Commerce. 


COURSES  IN  FINANCE  AND  ECONOMY. 


7 


Junior 

Hrs. 


Logic  and  Ethics . 2 

English  Literature  . . 2 

Economics .  2 

Sociology . 2 

Modem  Legislative  Problems  .  .  2 

American  History . 2 

Modern  European  History  .  2 

English  Industrial  Development  .  2 

Money  and  Credit . 2 


Senior 

Hrs. 


Public  Finance  .....  .  .  2 

Public  Administration . 2 

English  Civilization . 2 

Social  Reformers . 2 

European  History . 2 

American  History . 2 

Transportation . 2 

Colonial  Government  .  .  2 

Panics  and  Depressions . 1 

Corporation  Finance . 1 


Year.* 


Hrs. 

Elementary  Common  Law  ...  2 
Roman  Law  ........  2 

Industrial  Development  of  the 
United  States  .  .  ...  2 

i  Journalism  .  .  2 

Charities  and  Correction  .  .  .  .  1 

Race  Traits  and  Distribution  .  .  1 

Practical  Politics . 2 


Year.* 


Hrs. 

American  Commerce  and  Com¬ 
mercial  Relations . 2 

Principles  of  Government  .  .2 

Municipal  Government . 1 

International  Law  .  .  .  ...  1 

English  Legal  Institutions  ...  2 
Court  Decisions  on  the  Federal 

Constitution . 2 

Journalism . 2 


*  All  of  the  courses  in  the  Junior  and  Senior  years  are  elective.  In  each  of  these  years 
the  student  is  required  to  take  a  total  of  sixteen  hours. 


Representative  Courses  as  Described  in  the 
University  Catalogue 

Professor  Patten  : 

6.  Advanced  Political  Economy. — This  course  is  designed  primarily  as 
an  introduction  to  social  philosophy.  Mill’s  Political  Econo?ny  is  used 
as  a  text-book.  Each  of  the  leading  doctrines  is  traced  through  the 
various  phases  of  its  development  until  it  assumes  its  final  form  in  the 
writings  of  Mill.  Juniors  in  Finance  and  Economy.  Two  hours. 

7.  The  Development  of  English  Civilization. — A  study  of  the  social 
progress  of  England  during  the  last  three  centuries.  The  facts  in  regard’ 
to  each  great  industrial  epoch  are  presented,  and  their  influence  on  national 
life,  thought  and  activity,  considered.  Special  attention  is  given  to  those 
phases  of  English  development  which  throw  light  upon  the  trend  of 
American  civilization.  Elective  for  Seniors  in  Finance  and  Economy. 
Two  hours. 

Professor  J.  F.  Johnson  : 

8.  Money  and  Credit. — Lectures  on  the  methods  and  principles  of  bank¬ 
ing  ;  the  national  bank  note  system  compared  with  the  issues  of  Canadian, 
French,  German  and  English  banks;  the  world’s  credit  machinery;  the 
causes  of  gold  movements ;  panics  ;  the  influence  of  speculation  upon 
prices,  etc.  Dunbar’s  History  and  Theory  of  Banking ;  Bagehot’s  Lom¬ 
bard  Street;  Report  of  the  Monetary  Commission.  Elective  for  Juniors 
in  Finance  and  Economy.  Two  hours. 

5.  Practical  Finance. — The  organization  and  financiering  of  corporations 
and  trusts.  Stock  and  produce  exchanges.  Investment  and  speculation 
in  stocks  and  bonds.  Jenks’  Trust  Problem  and  Financial  Review  pub¬ 
lished  by  Commercial  and  Financial  Chronicle.  Sophomores  in  Finance 
and  Economy.  Two  hours  ( First  Term ). 

6.  Foreign  Exchange  and  the  Money  Market. — The  phenomena  of 
the  money  market  in  their  relation  to  trade,  industry  and  speculation. 
The  principles  regulating  the  flow  of  gold  and  currency  in  domestic  and 
international  settlements.  The  machinery  of  the  domestic  and  foreign 
exchanges.  Goschen’s  Foreign  Exchange ,  Clare’s^?  B  C  of  Foreign  Ex¬ 
change.  Sophomores  in  Finance  and  Economy.  Two  hours  ( Second  Terml). 

Assistant  Professor  Rowe  : 

9.  Modern  Legislative  Problems. — Relation  of  the  individual  to  the 
State,  in  Europe  and  the  United  States.  Limitations  on  legislative 

(8) 


COURSES  IN  FINANCE  AND  ECONOMY. 


9 


action.  Contrast  between  American  and  European  ideas  concerning  the 
functions  and  powers  of  government.  The  development  of  individual 
liberty  in  modern  times,  as  illustrated  in  our  political  system  by  the 
rights  of  citizenship,  State  and  federal.  Juniors  in  Finance  and  Econ¬ 
omy.  Two  hours. 

Assistant  Professor  E.  R.  Johnson  : 

15.  Transportation. — A  study  of  railway  transportation,  inland  navigation 
and  ocean  shipping,  with  special  reference  to  the  United  States.  Lec¬ 
tures,  essays  and  readings.  Elective  for  Seniors  in  Finance  and  Econ- 

'  omy.  Two  hours. 

Assistant  Professor  Lindsay  : 

20.  Sociology. — I.  Study  of  ancient  and  modern  social  ideals,  and  of  the 
projected  types  of  an  ideal  society.  Social  elements  and  history  of 
sociological  theories ;  modern  theories  concerning  social  organization. 
Plato’s  Republic ,  Aristotle’s  Politics  and  Ideal  Commonwealths  constitute 
part  of  the  required  reading  of  the  course.  II.  Study  and  analysis  of 
historical  and  existing  societies.  Special  reference  to  the  general  stages 
of  social  evolution,  to  the  factors  in  social  psychology,  to  the  requisites  of 
social  survival,  social  efficiency  and  social  control.  Lectures  follow 
Manual  and  Outlines.  Assigned  readings  in  Giddings’  Principles  of 
Sociology  and  Theory  of  Socialization  ;  Patten’ s  Theory  of  Social  Forces  ; 
Ross’  Social  Control ;  Ward’s  Dynamic  Sociology ;  Spencer’s  Principles 
of  Sociology ;  and  others.  Juniors  in  Finance  and  Economy.  Two 
hours. 

Assistant  Professor  Seager  : 

4.  Public  Finance. — A  course  on  public  expenditures  and  public  revenues 
with  special  reference  to  the  financial  systems  of  the  United  States,  of 
Pennsylvania  and  of  Philadelphia.  Daniels’  Public  Finance.  Seniors 
in  Finance  and  Economy.  Two  hours. 

Dr.  Young  : 

1.  American  Constitutional  Law. — A  study  of  the  theory  and  practical 
workings  of  the  Federal  Constitution.  Recent  changes  and  present  ten¬ 
dencies.  Required  readings,  lectures  and  leading  cases.  Freshmen  in 
Finance  and  Economy.  Two  hours  ( First  Term). 

2.  European  Constitutional  Law. — The  Federal  Constitutions  of  Switz¬ 
erland  and  Germany.  Comparisons  of  Swiss  democracy  and  German 
federalism  with  the  American  Constitution.  Growth  of  the  federal  form. 
Lectures  and  required  readings.  Freshmen  ^^.Finance  and  Economy. 
Two  hours  ( Second  Term). 

/ 

f 


